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DoT unlikely to give early approval to RCOM’s spectrum sale to RJIL

October 08, 2018

The Department of Telecommunications (DoT) is unlikely to give an early approval to Reliance Communications (RCOM’s) spectrum sale to Reliance Jio Infocomm Limited (RJIL) as it would not accept land as a guarantee for RCOM’s spectrum dues worth Rs 29.48 billion.

For this purpose, DoT is planning to file for a modification of a Telecom Disputes and Settlement Appellate Tribunal (TDSAT) order. Recently, the TDSAT had directed the DoT to allow RCOM to sell spectrum to Jio without bank guarantees. In the same order, DoT directed RCOM to keep a land parcel worth Rs 14 billion as a guarantee for the spectrum dues worth Rs 29.48 billion. The land to be kept as guarantee is a 536,092 sq m parcel in Navi Mumbai, which has been valued at Rs 4,000-6,000 crore and belongs to Reliance Realty.

However, non acceptance of the order by the DoT would further delay RCOM’s spectrum sale to RJIL.

Meanwhile, HSBC Daisy Investments and other minority shareholders in Reliance Infratel have filed for contempt of court proceedings against the tower unit of RCOM for non-payment of Rs 2.32 billion on the deadline date of September 30, 2018. The move comes after Ericsson had filed a similar plea against RCOM.

The Supreme Court will hear the RCOM-Ericsson case on October 9, 2018, while the Reliance Infratel hearing is also expected to be heard in the coming week.

 
 

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